Why are dealer 996 prices lower than private?

Traditionally, dealers have charged more for cars than private sellers. That makes sense, a dealer is in it to make money, has overheads to cover and usually has to offer more in the way of a warranty on the car.

However, I’ve been noticing a strange trend recently. Most of the super-cheap Porsche 996s on the market are the ones being sold by dealers. Here’s an example I picked by random from Pistonheads but there are plenty more like it. Just £14,000 for a 2000 911 has to be a good deal. OK, it’s a Tiptronic in an odd colour and the Ruffled grey leather interior doesn’t help but even so…

Now, go and look for an equivalent 911 being sold privately and you’ll struggle to find any for under £15,000, even early 1998 examples.

Why is this? Well, I’m not sure at the moment but I’d welcome suggestions. Are dealers being more realistic about value than private owners?